SpaceX Opens at $150, Musk’s Wealth Tops $1 Trillion Briefly

SpaceX shares opened on Nasdaq at $150 and rose to an intraday high of $168.40, briefly valuing the company above $2 trillion and lifting Elon Musk’s stake and estimated total net worth past $1 trillion. The stock opened above its $135 IPO price.

Nasdaq completed a pre-market price-discovery auction that produced indications as high as $171 to $175 before regular trading. When trading began the stock matched the $150 level and then climbed about 12 percent to the intraday peak.

Deal documents show the offering attracted more than $250 billion in institutional orders and roughly $350 billion in total demand. The deal raised about $75 billion. Early opening indications around $171 implied a valuation near $2.24 trillion; the reported day-one market capitalization tied to the shares sold in the offering was near $1.77 trillion.

About 70 percent of the shares sold to institutions were allocated to long-only funds and sovereign wealth funds, a distribution that affected order flow. Market participants pointed to a small public float and expected passive ETF and index buying as factors that could amplify price swings on debut. Calculations placing Musk’s SpaceX holding above $1 trillion and his combined net worth near $1.3 trillion reflect paper gains and are subject to lock-up restrictions, market volatility and the limited liquidity of the shares.

Some prediction-market wagers implied a potential net worth near $1.5 trillion for Musk later this year. The offering’s scale and concentrated demand made the debut one of the most-watched public listings in recent market history.

SpaceX’s business includes Starlink satellite broadband, reusable launch vehicles and government and commercial launch contracts. Investors and underwriters cited Starlink subscriber growth, reusable rocket technology and defense revenue as drivers of investor demand.

At the company’s founding, Musk described giving SpaceX ‘less than a 10% chance’ of succeeding.